"Our miners have their act together, on the whole, with many...

"Our miners have their act together, on the whole, with many great management teams, state of the art production facilities and modern exploration technologies employed. I have just been analyzing a Queensland mine with a very substantial underground deposit; in fact it is one of the higher grade large deposits on a global basis that has ever been found. Other quartz load deposits here have had their difficulties because too many assumptions were made; large hedges were entered into in days gone past and some other factors but no such problem here.

The geology of this deposit is brilliant because the gold bearing ore separates easily from the bed rock and because there has been virtually no geological folding of the deposit since formation. This enables precise drilling down to 1200 metres with an accuracy variation of about one metre. They have no debt or hedge ... "

From an article on Kitco, Base Valuations Down Under by Neil Charnock

http://www.kitco.com/ind/charnock/feb132008.html